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The new roles will be based initially in Ireland and Germany, where the company has an office.
Dublin-based medtech Neuromod, which specialises in treating tinnitus, has closed a €10.5m Series B financing round led by Fountain Healthcare Partners. The round also saw participation from existing investors Moffett Investment Holdings and Medical Device Resources.
The start-up intends to use the latest infusion to further fuel the European commercialisation of its tinnitus device Lenire, as well as to scale up its manufacturing and progress its US Food and Drug Administration (FDA) strategy.
An estimated 20m Americans struggle with chronic tinnitus, while more than 2m US veterans receive disability payments for tinnitus they suffered as a result of their service in the country’s defence operations.
According to the company’s founding CEO Dr Ross O’Neill, there is a “significant unmet need, particularly among US veterans for whom tinnitus is the largest and fastest growing cause of service-connected disability”. To address the issue, the company also plans to pursue opportunities for Lenire with the US Department of Veteran Affairs.
The start-up, which was founded in 2010, plans to invest the capital it has raised into sales and marketing activities and recruit 40 new employees over the next 12 months, with opportunities based initially in Ireland and Germany.
Commonly described as ringing in the ears, tinnitus affects around 10-15pc of the global population, with 1-3pc of cases severely affecting quality of life.
According to Neuromod, Lenire is the “first” non-invasive bimodal neuromodulation tinnitus treatment shown to soothe and relieve tinnitus. Neuromodulation is technology that directly acts upon the nerves. It alternates nerve activity by delivering electrical or pharmaceutical agents directly to a target area.
Neuromod has completed “extensive” clinical trials to confirm Lenire’s efficacy in treating the condition, the company said. The device has been commercialised in Europe and is available in Ireland, Belgium and Germany.
“We are delighted to announce the successful completion of Series B financing, which will ramp up manufacturing of our Lenire tinnitus treatment device to meet demand across Europe,” said O’Neill.
Dr Manus Rogan, Neuromod’s chair and a managing partner in Fountain Healthcare Partners, said this is an “exciting time for the company”.
“We are confident that it has an effective and safe technology, as proven by the recently published clinical trial results in the prestigious journal Science Translational Medicine. Neuromod has a very bright future and we are excited to play our part in making that happen.”
The company recently published the results of its first “major” clinical trial which spanned more than 12 weeks and consisted of nearly 330 patients. According to its results, more than 80pc of those who complied with the prescribed treatment regimen saw an average improvement of around 14 points on a tinnitus severity score of 1 to 100.
In 2023, the start-up raised €30m in the form of a Series B round and venture debt financing to expand the availability of its treatment to the US and Europe. This followed a €10.5m raise in 2020 to scale up Lenire’s manufacturing.
In the same year, Neuromod began its expansion in Europe with a German office in Bavaria, while in 2021, it established a US subsidiary along with a local leadership team to roll out Lenire in the country.
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